LBM
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- Jul 22, 2003
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Opening proceedings began Monday in Paris in the trial of international art dealer Guy Wildenstein, who is facing charges of tax fraud and money laundering.
The Associated Pressreports that Wildenstein is accused of concealing much of his inherited fortune in various trusts held in “offshore tax havens”. Wildenstein faces up to 10 years in prison if convicted.
Wildenstein, along with his late father, Daniel, and late brother, Alec, maintained art galleries around the world. The family also has been actively involved in horse racing for many years, campaigning such notable runners as Horse of the Year All Along, champion Steinlen, and Breeders' Cup Classic longshot winner, Arcangues.
French authorities are seeking 553 million euros ($602 million) in back taxes from Wildenstein. Investigators claim Wildenstein “hid” much of his inheritance in properties in New York and the Virgin Islands, in art galleries – including New York's Wildenstein & Co., Thoroughbred racehorses, a private business jet, and a 75,000-acre ranch in Kenya.
The case was opened after Wildenstein's late stepmother, Sylvia, and his sister-in-law, Liouba, came forward to French officials.
According to the Associated Press, Liouba, is also a defendant in the trial, along with Alec Jr. and three tax lawyers, who are accused of committing or helping in tax fraud or money laundering.
The Associated Pressreports that Wildenstein is accused of concealing much of his inherited fortune in various trusts held in “offshore tax havens”. Wildenstein faces up to 10 years in prison if convicted.
Wildenstein, along with his late father, Daniel, and late brother, Alec, maintained art galleries around the world. The family also has been actively involved in horse racing for many years, campaigning such notable runners as Horse of the Year All Along, champion Steinlen, and Breeders' Cup Classic longshot winner, Arcangues.
French authorities are seeking 553 million euros ($602 million) in back taxes from Wildenstein. Investigators claim Wildenstein “hid” much of his inheritance in properties in New York and the Virgin Islands, in art galleries – including New York's Wildenstein & Co., Thoroughbred racehorses, a private business jet, and a 75,000-acre ranch in Kenya.
The case was opened after Wildenstein's late stepmother, Sylvia, and his sister-in-law, Liouba, came forward to French officials.
According to the Associated Press, Liouba, is also a defendant in the trial, along with Alec Jr. and three tax lawyers, who are accused of committing or helping in tax fraud or money laundering.
